The teens, ages 13 and 14, confronted a 41-year-old female driver and stole her car about 8 p.m. in the 4500 block of West Madison Street, according to Chicago police.
The pair were arrested about 30 minutes later nearby after a traffic stop and short foot pursuit, police said.
The pair both face a count each of felony vehicular highjacking, while the 13-year-old also faces a misdemeanor count of obstructing identification.
On Tuesday, police Supt. David Brown said 396 people have been arrested since Jan. 1 for vehicle-related crimes including vehicular hijacking, criminal trespass to vehicle and possession of stolen vehicle.
Carjackings in Chicago have more than doubled over the last year, with police responding to 340 carjackings in January and February alone. In 2020, 1,417 carjackings were reported across the city, over double the previous year.